(Newser)
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An extremely rare pink diamond has cut its way through world records at a Sotheby's auction. The 24.78 carat stone, graded "fancy intense pink," was sold to London jeweler Laurence Graff for $46,158,674, almost double the highest price ever previously paid for a gemstone at auction. Graff—who renamed the stone the "Graff Pink"— called it "the most fabulous diamond I’ve seen in my career," AP reports. The stone was last on the market 60 years ago.

The diamond industry has been scamming the public for years. By holding millions of diamonds from the open market they inflate the prices. With their successful campaigns like "Diamonds are Forever" and "Eternal Love" they have made sure people will spend any amount on something that could be sold as cheaply as a stick of gum.